British manufacturing contraction slows

LONDON, May 1 (UPI) -- Britain's manufacturing sector came close to breaking even in April, Markit Economics said Wednesday.

The headline index, known as the Purchasing Managers Index, at a four-month low in February, rose from 48.6 in March to 49.8 in April.

The dividing line between contraction and growth is 50, so 49.8 indicates very slow contraction in Britain's manufacturing sector for the month.

"Following the poor start to the year, when manufacturing acted as a drag on the economy in the opening quarter, it is welcoming to see the sector showing signs of stability" said Markit economist Rob Dobson.

Dobson said the domestic market "is just about holding its head above water ... but was still a key cause of disappointingly weak demand ... while solid improvement in new export orders was a real surprise."

United Press International is a leading provider of news, photos and information to millions of readers around the globe via UPI.com and its licensing services.

With a history of reliable reporting dating back to 1907, today’s UPI is a credible source for the most important stories of the day, continually updated - a one-stop site for U.S. and world news, as well as entertainment, trends, science, health and stunning photography. UPI also provides insightful reports on key topics of geopolitical importance, including energy and security.

A Spanish version of the site reaches millions of readers in Latin America and beyond.

UPI was founded in 1907 by E.W. Scripps as the United Press (UP). It became known as UPI when after a merger with the International News Service in 1958, which was founded in 1909 by William Randolph Hearst. Today, UPI is owned by News World Communications.